Steel & Tube returns to NZX 50 as Haier buys F&P Appliances

Nov. 7 (BusinessDesk) - Steel and Tube
Holdings, which sells steel building products, is to return
to the NZX 50 Index with the departure of Fisher and Paykel
Appliances.

The change will occur after market close on
Nov. 13, the stock exchange said in a statement.

China’s
Haier gained acceptances for more than 90 percent of F&P
Appliances by the time its offer closed yesterday, allowing
it to compulsorily acquire the rest. The Auckland-based
manufacturer first listed as a standalone company in
November 2001.

Shares of Steel & Tube last traded at
$2.13, valuing the company at $189 million. Entry into a
benchmark index typically benefits a stock because
index-weighted funds are required to hold it in their
portfolio.

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